XRP whales are showing no signs of slowing down, even as Ripple’s token sees little movement in the market. Despite the stagnant price action in recent weeks, large-scale investors continue to display confidence in XRP. Whales have consistently bought dips, signaling their bullish outlook. Earlier today, crypto tracking platform Whale Alert reported a significant XRP transaction involving a potential whale. The report revealed that 30 million XRP coins, valued at around $17.6 million, were transferred from a crypto exchange to an unknown wallet.

Whales Remain Bullish on XRP

This latest transaction is part of a broader trend among XRP whales. Large investors have been steadily withdrawing XRP from exchanges, increasing the “buy the dip” trend. Many traders anticipate a market turnaround, fueled by optimism following the U.S. Federal Reserve’s recent decision to cut interest rates. The rising number of XRP outflows from exchanges underscores the growing demand for the token.

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In addition to market sentiment, positive developments from Ripple Labs have further boosted investor confidence. XRP whales appear eager to capitalize on the current mood, though the token remains trapped in a consolidation phase. For XRP to break free, it must overcome key resistance levels.

XRP Price Struggles to Break Resistance

As of now, XRP trades at $0.5898, reflecting a slight 0.28% increase in the past 24 hours. While the token has shown some recovery, bouncing back from lows of $0.51 earlier this month, it remains stuck around the $0.58 mark. 

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The current resistance at $0.61 is proving to be a significant hurdle, preventing further gains. To trigger a sustained price rally, XRP needs to turn this resistance into support. 

Investors are watching closely, waiting to see if XRP can break through and reach higher price levels in the coming weeks.